CAA Insurance and Octo Telematics Named Best Technology Provider at ICTA 2019

3 weeks ago

Insurance telematics leader wins for work on CAA’s MyPace™

NEWTON, Mass.–(BUSINESS WIRE)–Octo Telematics, a leading global provider of telematics and data
analytics solutions for the auto insurance industry, with their partner
CAA Insurance, was named the Best Technology Provider at the 2019
Insurance-Canada.ca Technology Conference in Toronto on Tuesday,
February 26. Winners were selected by a jury from among five impressive
finalists. Both companies were recognized for CAA MyPace™, Canada’s
first “pay-as-you-drive” insurance offering.

Octo provided a customized solution and flexible mix-and-match service
selection for CAA to build a new customer experience for policyholders.
The app allows motorists to track how much they are driving and to pay
for auto insurance based on that mileage.

“We recognized the value that a partnership with an industry pioneer
like Octo Telematics would bring to our solution and it’s nice that
industry leaders have recognized their contribution to our success,”
said Robin Joshua, vice president, CAA Insurance. “Octo’s storied
history in insurance telematics made them an obvious choice as a
technology provider for our disruptive, first-of-its-kind program in
Canada. We’re proud that the program has been recognized as a leading
example in the insurance industry.”

CAA’s MyPace allows motorists to have more control over their auto
insurance. Through telematics and new billing technologies, MyPace
allows motorists to track how much they drive and pay for auto insurance
based on that mileage. CAA Insurance integrated several existing
technology platforms and developed new properties to enable this
first-to-market offering in a way that created no disruption to the
motorist. Drivers simply insert a telematics device into their car,
download an app, and then drive.

“Today’s connected insurance revolution, at
its core, is about making insurance better through the IoT.
Congratulations to CAA on pushing the envelope and embracing IoT to
provide enhanced offerings to its policyholders,” said Geoff Werner,
Americas’ Country Manager at Octo Telematics. “We are proud to be a part
of this innovative offering and delighted that we could help expand
CAA’s value proposition by quickly integrating and deploying a program
that fit their needs. Thank you to Insurance-Canada.ca and the ICTA jury
for the recognition of our role in this initiative.”

About Octo TelematicsOcto is the number 1 global provider
of telematics and data analytics solutions for the auto insurance
industry. Founded in 2002, Octo is one of the pioneers of the insurance
telematics industry. Today, Octo is the largest and most experienced
insurance telematics company in the world, transforming auto insurance
through behavioral, contextual and driving analytics for more than 100
insurance partners.

Octo has more than 5.6 million connected users and the largest global
database of telematics data, with over 228 billion miles of driving data
collected and 456,000 crashes and insurance events analyzed (as of
December 30, 2018). Octo applies proprietary algorithms to this
market-leading database to deliver powerful new insights into driver
risk, informing solutions that benefit both auto insurance companies and
policyholders.

AboutCAAInsuranceCAA Insurance Company is a
national property and casualty insurance company, providing home and
auto insurance products distributed through CAA Clubs and select
brokerages. Established in 1974, the company has roots in protecting
motorists as part of the CAA Club Group of Companies, which includes two
automobile clubs — CAA South Central Ontario and CAA Manitoba, helping
over 2.2 million members stay mobile, safe and protected.